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CAB Payments Holdings Limited ( (GB:CABP) ) just unveiled an announcement.
CAB Payments Holdings announced its 2024 trading update, highlighting strategic progress amidst challenging market conditions. The company expanded its network significantly, added new clients, and saw a rise in trade finance facilities. Despite these achievements, CAB faced reduced demand due to a strong dollar and geopolitical uncertainties, impacting revenue. The firm plans a 20% reduction in headcount to optimize costs and align with growth strategies while awaiting a US licence to further market expansion. The company’s focus on AI and automation continues as part of its strategic cost improvements.
More about CAB Payments Holdings Limited
CAB Payments Holdings plc, the holding company for Crown Agents Bank, specializes in foreign exchange (FX) and cross-border payments for hard-to-reach markets. Regulated in the UK, it operates with a strong network, connecting clients to underserved geographies with access to over 100 currencies across 700+ currency pairs. Crown Agents Bank is a trusted partner for leading institutions in the public, private, and development sectors, known for delivering fast, transparent, and efficient transactions. The bank is also recognized for its sustainability efforts, having received the Gold Sustainability Rating by EcoVadis from 2022 to 2024.
YTD Price Performance: -4.37%
Average Trading Volume: 827,054
Technical Sentiment Consensus Rating: Hold
Current Market Cap: £167M
Learn more about CABP stock on TipRanks’ Stock Analysis page.
